Ever since Gold bottomed in late June, it has been moving sideways in either a black bullish 1-2 configuration (my main count), or sideways in a black wave 4 (alternate count). Either way, both the main and alternate (and actually a third count, which I labeled with question marks on the chart) all expect similar movement next, a 5-wave impulse to the downside starting at the October 28 high. Hurst cycle analysis is suggesting that the next significant cluster of cycle troughs will occur in late November, specifically between November 18 and 28. The recent spurt in US$ strength supports this conclusion as well. Gold is generally going to move lower through most of November in my opinion.

Also, since Gold and Gold miners are highly correlated in their price movements, the larger rally in GDX that my last GDX post suggested will likely be postponed until late November.

Use the Paypal button below to subscribe to automatically recurring access to Sid’s analysis. These subscriptions automaticaly renew. You can cancel anytime.

Options:

Use the Paypal button below to purchase access to Sid’s next Sunday “Counts” webinar for $25 (US). You’ll recieve an invitation to the webinar, as well as a recording of it afterwards. Also included are the Sunday & Wednesday editions of EWP ScreenShots.

Use the Paypal button below to purchase access to one week of Sid’s EWP Screenshots for $17.50 (US). Included are the next Sunday & Wednesday editions.